Ondo has been working on bringing RWA on-chain for two years. Now they’re saying forget it—private high-speed trading networks are more reliable. This isn’t a small team making a U-turn. Ondo is the biggest flag bearer of the RWA narrative. BlackRock’s BUIDL strategy has been following their path. They’ve realized one thing: Real institutional trading doesn’t care about decentralization. What they want is speed, privacy, and certainty. Blockchain can’t deliver those three. What’s interesting is that BlackRock and Fidelity just jointly supported the Clarity Act— pushing compliance through legislation on one hand, while major projects are saying on-chain isn’t the optimal solution. The money for RWA will come, but the way it comes will be completely different from what we imagined in 2023.